Maximize your HSA e-Newsletter
Vol. 16, Issue 6
The Most Important Questions about Coronavirus, Health Insurance, & HSAs
While some experts predict that the COVID-19 pandemic could reach its peak by summer, there is no telling how long it is going to take our national and global healthcare systems to get back to normal, if that’s even possible. While there is only so much we can know at the moment, we think it’s imperative to share with our friends, family, and clients the most important things we have learned so far regarding COVID-19 and how it is going to affect your policy, your coverage, and your wider financial strategy moving forward.
While this information is a good summary of things that need to be considered, the best way to keep a firm grasp on your health strategy is by calling your dedicated insurance professional; we are uniquely equipped to guide you through times like these, and there is a lot that we can do for you over the phone.
Q: Is Coronovirus Covered by Health Insurance?
A: As more and more Americans are being tested for the Coronavirus, there is growing concern about how much it would actually cost if one were to get sick and how much the health insurance companies are going to cover.
In terms of testing for the coronavirus, this is covered by almost all individual and family plans as well as Medicare. However, there is limited testing available nationwide, and in order to be covered the test needs to be ordered by your doctor or medical professional.
If you were to become severely ill as a result of the coronavirus, then all medically necessary treatments and procedures would very likely be covered by your policy, through the out-of-pocket costs will depend on your coverage details. Unfortunately, even during something like COVID-19 you are expected to pay your deductible.
There is currently no vaccine available for the coronavirus. If one were to be released, it would very likely be covered by the preventative care services under your insurance policy. Medicare customers would likely be able to access the vaccine through Part D. We will be keeping all of our clients updated about any progress on this front.
Q: What About Health Sharing Programs?
A: If you are a member of OneShare or another health cost sharing program, then testing and treatment for COVID-19 is eligible for cost sharing, just as it would be with any other medically confirmed illness under the OneShare guidelines.
If you have recently lost your employer-sponsored insurance, then a health care cost sharing program might be a viable way to stay covered through the pandemic.
Q: How Will my HSA be Affected?
A: If there is one thing that you can continue to feel confident about even through an economic downturn, it is the safety of your Health Savings Account. For this reason it is important that you continue to make contributions if you can still afford to.
Recently, the IRS extended the 2019 HSA contribution deadline by a full 90 days. That is three more months to increase your annual tax deduction, meaning there is still plenty of time to get it done.
When it comes to COVID-19, your HSA can be used to pay for the costs of testing or treatment, but it is important to find out whether or not these services and treatments are already covered by your high deductible plan, which they likely are. After all, there’s no reason to dip into your HSA now if you don’t need to.
However there are some out-of-pocket medical costs that are perfect for HSA spending, such as thermometers, lozenges, and other symptom-targeted equipment and medications that you might require if you get sick.
Q: What Do I Do if I Start Feeling Sick?
A: With all the media buzz about crowded hospitals and overworked doctors and nurses, there are many Americans who are neglecting to seek medical attention because they are afraid they might not be “sick enough.” While this is a generous inclination to have, it isn’t doing you or anybody else any favors.
If you are starting to feel the symptoms of coronavirus (fever, headaches, loss of taste / smell) then you should contact your doctor immediately. This is not going to be a burden for them, but rather a critical opportunity to determine whether or not you need to be tested. This kind of screening can usually be done over the phone or computer, and is an important part of managing regional outbreaks.
If you fall ill with something other than coronavirus, then it is important to pursue medical attention just as you would in normal conditions. Ignoring severe illness doesn’t serve you or the medical professionals, who would greatly prefer a stitch in time to nine, so to speak.
We’re Here for You, & For More than Just Insurance
We understand that in times like these, our clients might be feeling uneasy about a lot more than just their health insurance. That’s why we want to remind everyone that our mission is not only to find our people the lowest insurance rates, but also offer guidance on how healthcare plays into your long-term financial strategy.
To borrow a maxim that is perhaps truer than ever before, there has never been a better time to give us a call and talk strategy.
To your health and wealth,
Wiley P. Long, III
President – HSA for America
The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.
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